Spain's economy grows by more than 3 per cent

GROWING: Spanish GDP continued to rise for the fourth year running GROWING: Spanish GDP continued to rise for the fourth year running

SPAIN’S Gross Domestic Product (GDP) grew by 3.1 per cent last year continuing on with the trend set in 2016.

More than €1,163,660 were added to the country’s economy in 2017, according to the country’s National Institute of Statistics (INE).

The data organisation also revised growth figures for 2016 upwards from 3.2 to 3.3 per cent.

GDP grew by 0.7 per cent in the final quarter of last year which was in line with previous estimates, the INE said.

Many forecast that growth in the last quarter of 2017 would have been dampened by the ongoing situation in Cataluña.

Figures show 2017 was the fourth year in a row that GDP rose. The country’s economy continued to grow following the economic crisis of 2008-9 and the recession that followed.

Gross Domestic Product is one of the leading measures of a country’s economic performance. It examines the level of output from different industries and its value to determine how much was added, or lost, from an economy in a given time period.

Joe Gerrard

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